00:00 Indian startup and AIRTEC platform BAIJU is facing financial crisis.
00:05 On one hand, after December quarter results, the company was included in the list of the most deprived companies in the country.
00:12 Meanwhile, a group of the company's leading investors has taken a big decision.
00:18 The founder and CEO of AIRTEC company BAIJU, BAIJU RAVINDRAN, has now been prepared to leave the company.
00:24 On Friday, February 23, a group of the company's board members and leading investors
00:30 has called an extraordinary general meeting to remove its chief executive officer, i.e. CEO.
00:36 The shareholders who have called the EGM have a total share of more than 30% in BAIJU.
00:43 The company's board members have also demanded that their wife and co-founder Divya Gokulnath
00:49 and her brother Riju Ravindran be removed from the company.
00:53 So, Ravindran and BAIJU, who started the company, will now be out of the company.
00:58 This is a big question.
00:59 Let's understand the news in detail, what is the accusation and what can happen next.
01:04 First, let's know what the shareholders of BAIJU are accusing.
01:07 So, the company's investors have been pointing fingers at BAIJU RAVINDRAN's leadership for a long time,
01:13 and are holding them responsible for the current financial crisis.
01:16 The company's investors have accused BAIJU RAVINDRAN and his family of mismanagement and failures.
01:23 Ravindran and his family members have a share of about 26% in the company,
01:28 and the shareholders who have called the EGM have a share of 30%.
01:32 So, clearly, Ravindran and his family members are in trouble that they can be removed.
01:37 Sources also say that the notice given to the Extraordinary General Meeting, which we call EGM,
01:43 has also been appealed to remove the board of Think and Learn, in which his wife and his brother are all included.
01:50 Think and Learn operates under the brand name BAIJU.
01:53 BAIJU has been in turmoil for a long time and is stuck in a financial crisis.
01:59 The company's market cap has fallen to $1 billion, which used to be at a valuation of $22 billion.
02:06 The company's situation had deteriorated so much that Ravindran and BAIJU had mortgaged their house and paid salaries to employees.
02:13 So the situation is very bad and now those who have a major share have decided that
02:19 those who started this company should be removed from the company board.
02:23 This meeting has been held on February 23, after which we will know what actually happens.
02:28 What do you think about this step of theirs? What is your opinion? Do tell us by commenting.
02:33 If you are watching this video on Facebook, then like the Facebook page.
02:36 If you are watching on YouTube, then do not forget to subscribe to the Goodreturns YouTube channel.
Comments